The Fraser Valley Real Estate Board recorded 938 sales on its Multiple Listing Service (MLS®) in January 2024, an increase of 12% compared to December 2023. Sales were up 50% percent compared to January 2023.
New listings rose to 2,368 in January, an increase of 151 percent over the prior month and the largest month over month increase in over five years.
Active listings in January 2024 were 4,877, up by 4% compared to December 2023 and up by 18% over January 2023. This is a key statistic to keep an eye on this year as rising inventory is needed to help keep a lid on upward price pressure.
The market for detached homes was balanced in January with a sales-to-active listings ratio of 19% while demand for townhomes and apartments remained strong at 34% and 27% respectively. 19 percent was the overall sales-to-active listings ratio. The market is considered balanced when the sales-to-active-listing ratio is between 12 per cent and 20 per cent.
On average, properties spent a few weeks on the market before selling, with detached homes typically spending 44 days on the market, and townhomes and apartments moving slightly more quickly at 33 and 41 days, respectively.
It seems that there is still strong pent-up buyer demand out there. The barrier is affordability for many buyers, due to current mortgage rate levels meeting still high prices.
I will provide a more detailed analysis in my forthcoming monthly newsletter.
If you would like more detailed or area specific information, please don't hesitate to contact me.